Australia’s Affinia Financial Advisers has developed a new tool to help advisers deliver strategic and meaningful life insurance advice between them and clients.
The strategic advice cash flow tool, encompassing a needs analysis and cash flow calculator, is being rolled out across the group as a central part of Affinia’s risk management framework.
Affinia general manager Craig Parker said: "The tool facilitates meaningful conversations between advisers and clients so that the service provided is built around high quality, valuable advice and risk management strategies, not products.
"This is about moving the conversation with clients away from insurance products and towards fully understanding client needs, and developing strategies and delivering solutions to meet those needs, and then reviewing them regularly."
Affinia believes strategic life insurance advice has a direct correlation to the globally accepted definition of ‘risk management’ as classified by ISO 31000.
Parker said: "Affinia has developed a risk management framework that defines and unpacks what strategic life insurance advice is. Risk advice practices need to be built on the foundations of providing strategic advice, and our new framework, including the tool, provides the system to do that."
The key elements of Affinia’s risk management framework are:
- A diagnostic tool
- Risk identification
- Exposure analysis
- Strategy formulation
- Regular and ongoing audits and reviews
Affinia Financial Advisers is backed by TAL, a specialist life insurer in Australia.